August 21, 2025
MANILA – Malacañang expressed optimism as the Philippines edges closer to upper-middle-income status.
According to the World Bank, the Philippines’ gross national income (GNI) per capita was USD 4,470 in 2024—just USD 26 below the benchmark for upper middle-income countries.
“Of course, the Palace is happy because we can see that the administration is working to improve our economy,” Palace Press Officer Claire Castro said at a briefing on Wednesday.
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Castro made the statement in response to Socioeconomic Planning Secretary Arsenio Balisacan’s remark that the Philippines is approaching upper-middle-income status.
“Secretary Balisacan also said that it’s just USD 26 more, and we’re hoping it can be achieved in 2025, but we will only know for sure by July 2026,” Castro said.
READ: On the cusp of upper-middle-income status
Balisacan also said there is less expectation for the peso to depreciate significantly and that inflation is not expected to be much higher than in the rest of the world.
— Maria Jodi Pada, INQUIRER.net intern /mcm